Second Mortgage

So you want to part of the new trend where FSBOs list homes on MLS system?

The flat fee mortgage allows the broker to be paid a flat fee for their time and expertise.
According to Stephen Frater, recently wrote in HeraldTribune, that Bravo Real Estate of Sarasota has launched a $199 “Flat Fee MLS Service.”

The service is specifically targeted toward the FSBO or “For Sale By Owner” home seller. For $199, Bravo will list the property on the local MLS system for up to one year. Read the rest of this entry »

You can be your own broker! How about that?

The flat fee mortgage is an attempt to remove agency problems, reduce the tension between broker and borrower and eliminate the risk of a borrower overpaying for their interest rate and closing costs. Read the rest of this entry »

The interest in flat fee mortgages is growing every by leaps and bounds as Washington DC has began to focus on the abuses in the mortgage industry.

So remember, when you apply for a mortgage you should receive a written “Good Faith Estimate” within three days. There are usually many different fees listed on the good faith estimate. If the good faith estimate is missing a bunch of these fees there is a good chance it is a “lowball” offer that has artificially lowered closing costs by ignoring them.

Mortgage closing costs can include title insurance, escrow fees, lender fees, taxes, broker fees, processing fees, hazard insurance, appraisal fee, and many other types of costs.This is because a typical refinance or purchase requires the work of many different parties. Read the rest of this entry »

You can see offers for “flat fee Second mortgages” on TV or in the papers. They usually offer a flat, low sounding fee.

The flat fee mortgage allows the consumer to pay a flat rate commission to a loan officer or mortgage broker rather than paying on a % (percentage) basis. These loans may seem like a tempting offer – who doesn’t want to save? Loans that offer low fees upfront just have the expenses included in the loan. Read the rest of this entry »